The heaviest job losses will be at Flybe's headquarters in Exeter, where more than 100 face the axe.

The company has already discontinued 30 unprofitable routes for this summer as part of its restructuring drive, and by the end of the season will have grounded 14 aircraft.

Saad Hammad, chief executive, said the airline was on target to make £40m annual savings by the end of March.

He said: “Taking decisive action gives us a strong platform to achieve profitable growth and build sustainable value for shareholders, and we are well on our way to becoming Europe's best local airline.”

Its third quarter trading saw total revenues for its UK airline business stand at £137.6m, with passenger numbers growing by 9.2 per cent to 1.9 million.